LED's reliability has made the technology more superior to that of incandescent and neon light source technologies.
LED reliability is based on several factors:
Temperature – LED junction temperature is a critical concern in maintaining a highly reliable LED – this is affected by forward current, ambient temperature and thermal management of the package/system
Humidity – depending on the package, die type and material used to manufacture the LED – operating the LED under high humidity conditions can dramatically reduce reliability
Forward Current – The higher the operating forward current (increased light output) – the faster the degradation of the LED – it is best to operate the LED at typical recommended values specified by the manufacturer"